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Non-cash payments are growing rapidly in many parts of the world. This is mainly due to increasing internet and mobile penetration in emerging countries, continued economic recovery and growing adoption of mobile-based payments in mature markets. The growth of non-cash payments is also driven by the global shift towards immediate Payment schemes, which offer instant payments in real-time. According to the 2016 World Payments Report published by Capgemini, the global volume of non-cash payments reached $387.3 billion in 2014, recording an 8.9% year-on-year growth.
LENDING AND PAYMENTS MARKET TO REACH $8.4 TRILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The Business Research Company expects the lending and payments market to grow to $8.4 trillion in 2020. Asia was the largest geographic market in the Lending and Payments industry in 2016, accounting for a half of the global market. This can be attributed to appetite for cheaper loans in countries such as China.
The figure below shows the year-on-year growth of the global lending and payments market during 2016 – 2020.
According to The Business Research Company’s Financial Consultant, Girish Kavali, Immediate Payments are gaining traction globally. This is mainly due to increasing consumer demand for quick and convenient payment services. Immediate Payments can be used by consumers to transfer funds from one bank account to another in less than a minute, allowing recipients to use these funds instantly. The service is available 24 hours a day and can be used for settlement of funds for multiple real-time payments on a single platform. Some of the immediate payments solutions across the world include the UK’s Faster Payments Service, Australia’s New Payments Platform, Singapore’s FAST and India’s Immediate Payment Service
Bank of America was the largest competitor in the lending and payments industry with revenues of $131.05 billion from the lending and payments segments in the financial year 2015. The company’s growth strategy is to invest in online and mobile banking solutions to take leverage of payment apps such as ApplePay and PayPal as the customers are making more than 85% of their transactions.
The lending and payments market comprises all establishments engaged in lending and payments related activities such as lending, payments and transferring services. The lending and payments industry is categorized on the basis of the business model of the firms present in the industry. Some firms might come under multiple categories.
The lending and payments industry is broadly classified into the following:
Lending comprises establishments engaged in making secured or unsecured loans to various entities. Entities include establishments such as finance companies, personal credit institutions, loan companies and student loans companies. This market covers all types of loans such as mortgage loan, personal loan, working capital loan, vehicle loan, industrial loans and others. Revenue generated from the lending market includes all the interest charges levied by the banks and financial institutions against loan sanctioned. This market includes interest charged by the banks on credit card and other cards.
Cards & Payments - comprise establishments engaged in storing, processing and transmitting payment cards data. This market covers issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, non-lending and payments financial corporations and others. Revenue generated from the cards and payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. This segment excludes interest charged by the banks on credit card and other cards.Lending and Payments Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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